- Morgan Stanley has begun informing its financial advisors of a move for clients to begin purchasing Bitcoin ETFs.
- Genesis Trading moved over $1.5 billion to several addresses as it's suspected to have begun creditors' repayments.
- BTC is down to $61K, with Santiment data suggesting this may be a buying opportunity.
Bitcoin (BTC) is down to $61,000 on Friday as Morgan Stanley has been speaking with its wealth advisors and will soon allow them to offer Bitcoin ETFs to certain clients. Meanwhile, Genesis Trading has moved Bitcoin and Ethereum to multiple addresses and is suspected to have begun creditors' repayment.
BTC updates as the week rounds off
Morgan Stanley is preparing to allow its clients to invest in Bitcoin ETFs, according to CNBC. The asset management firm is looking to permit only two initial Bitcoin ETFs for its clients: BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund.
The move follows an alleged increase in client demand for Bitcoin ETFs and the company's growing interest in the evolving world of crypto investment products. However, the firm plans to shortlist the number of eligible clients for these new investment products.
The criteria of those who will be allowed to purchase the Bitcoin ETFs include a minimum net worth of $1.5 million and a high tolerance for risk.
While the move appears bullish for Bitcoin, it was quickly outweighed by the news of Genesis Trading moving $1.5 billion in Bitcoin and Ethereum. The wallet activity involved the transfer of 16.6K BTC worth $1.1 billion and 166K ETH worth $521 million to several addresses on Friday, according to Arkham Intelligence data.
Many crypto community members speculated that this significant movement of funds could be linked to efforts to repay creditors in the aftermath of the 2022 market downturn, which resulted in the company's bankruptcy.
Genesis Global shut down its trading operations and the Gemini Earn program in 2022 after it took a hit following the collapse of FTX and Three Arrows Capital (3AC). The company filed for bankruptcy in January 2023, listing 100,000 creditors owed, with liabilities ranging from $1.2 billion to $11 billion.
The case with Genesis is similar to that of the defunct exchange Mt. Gox, which also began repaying its creditors this month. Mt. Gox has already released 59K BTC out of the 142K owed to creditors.
The impact of Mt. Gox and Genesis in repaying Bitcoin to creditors may further affect the price of BTC, which is currently down to $61K.
Santiment data suggested that a drop between $58K and $62K will provide a good buying opportunity for whales, which could help initiate a price rebound.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

Crypto Today: ETH and Bitcoin stabilize as market digest Trump’s 25% auto tariff
Cryptocurrencies market capitalization surges by $14 billion on Thursday, hitting the $2.83 trillion mark. Bitcoin ETFs brought in another $89.6 million, reaching nine successive days of net inflows, according to Farside data.

Crypto Morning: BlackRock spends $107 million on Bitcoin, stablecoin launches, Shiba Inu boss still offline
BlackRock, a giant with $11.5 trillion in assets under management, spent $107.9 million to fund its BTC purchase on Wednesday. The move is consistent with demand for BTC among institutional investors.

Bitcoin range-bound as momentum indicator shows trader indecisiveness
Bitcoin price hovers around $87,000 on Thursday, as RSI indicator suggests indecisiveness among traders. Glassnode reports that BTC trades in a range-bound market, as on-chain profit-and-loss-taking events are declining in magnitude.

Curve DAO rallies as developer activity hits new ATH
Curve DAO price extends its gains by 8% and trades above $0.58 at the time of writing on Thursday, rallying over 15% so far this week. DefiLlama data shows that the CRV’s developer commits hit a new all-time high (ATH), surpassing 900 commits per month.

Bitcoin: BTC stabilizes around $84,000 despite US SEC regularity clarity and Fed rate stability
Bitcoin price stabilizes around $84,000 at the time of writing on Friday after recovering nearly 2% so far this week. The recent announcement by the US SEC that Proof-of-Work mining rewards are not securities could boost BTC investors' confidence.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.